R 440.309 Continuation statement.

Rule 309. (1)Upon the timely filing of a continuation statement by any secured party of record, the lapse date of the financing statement shall be extended by 5 years. (2) The filing of a continuation statement shall have no effect upon the status of any party to the financing statement. (3) Upon the filing of a continuation statement, the status of the financing statement remains active in the UCC information management system until 1 year after it lapses, as prescribed in subrule (1) of this rule. R 440. 310 Termination statement. Rule 310. (1) The filing of a termination shall have no effect upon the status of any party to the financing statement. (2) The filing of a termination shall have no effect upon the status of the financing statement and, except as provided in subrule (3) of this rule, the financing statement shall remain active in the UCC information management system until 1 year after it lapses. (3) If the termination relates to a financing statement that indicates it is filed against a transmitting utility, then the financing statement shall become inactive 1 year after it is terminated with respect to all secured parties of record.